NZD/USD Is Testing the Support at 0.6817

NZD/USD has been very bearish for three months now, ever since the pair initially bounced off from the resistance at 0.7557. Before the pair bounced off from that resistance however, it also tested the support at 0.6817 once already, back in May this year. Now NZD/USD has reached that same level once again and it has formed a clear double bottom at that support. The question is whether it will bounce off from 0.6817 or break out below that level. If there is a breakout there will likely be a further move to the downside towards the previous low at 0.6670. On the other hand if the pair bounces off from 0.6817 there will likely be a rally back towards 0.7130, which is the (MA)89 indicator on the weekly time-frame.